- Ethereum is defending the $1,900 support after a $157 million transfer by co-founder Jeffrey Wilcke raised sell-off concerns.
- Meanwhile, large whale investors are accumulating ETH, helping stabilize the price.
Ethereum is facing renewed pressure after a large transfer by a co-founder unsettled the market. However, large investors appear to be quietly accumulating, helping the asset defend a key support level.
Large Transfer by Co-Founder Sparks Market Concerns
Ethereum’s price has come under pressure as buyers attempt to defend the critical $1,900 support zone. The coin has fallen nearly 8% since March 6, placing traders on high alert as the market tests a key technical floor.
The tension increased after Ethereum co-founder Jeffrey Wilcke transferred 79,176 ETH to the Kraken exchange. The transaction was valued at approximately $157 million. In the crypto market, large transfers to exchanges are often interpreted as potential selling activity.
As a result, the move triggered concern among traders who feared a possible sell-off. Market sentiment quickly turned cautious, as such transactions from high-profile holders can influence short-term price movements.
Despite the fear, Ethereum has so far managed to remain above its key support level, preventing a deeper decline.
Whales Quietly Accumulate ETH
While the large transfer initially suggested a wave of selling pressure, deeper on-chain data tells a different story.
According to cohort analysis, certain whale groups have been actively accumulating Ethereum. Investors holding between 100,000 and 10 million ETH appear to have increased their holdings during the recent price dip.
This buying activity has played an important role in stabilizing the market. As some traders reacted with caution following the co-founder’s transfer, large investors stepped in to absorb the available supply.
The presence of these buyers has helped prevent a panic-driven sell-off. Their accumulation suggests confidence in Ethereum’s long-term outlook despite the current uncertainty.
Ethereum’s Technical Structure Under Pressure
Even with whale accumulation providing support, Ethereum’s technical outlook remains delicate.
The asset has been trading within a rising channel, but the structure is now showing signs of strain. The immediate support level sits near $1,910, and maintaining this zone is crucial for the market.
If the price fails to hold this level, bearish pressure could intensify. Technical indicators suggest that a break below support could push Ethereum toward the psychological $1,800 level.
This zone has previously served as a liquidity area where buyers stepped in to defend the price. However, if that level were to weaken, the short-term outlook for traders could become more challenging.
At the time of writing, Ethereum is trading at $1,979.52, hovering just above the key support zone as the market waits to see whether buyers can maintain control.
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